Hello to all technology enthusiasts! Bad news in the crypto world as Bybit, a popular crypto exchange, revealed that it fell victim to a major hack.

In a shocking announcement, the exchange disclosed that a sophisticated cyber attack resulted in the theft of Ethereum worth approximately $1.4 billion, impacting its offline wallets.

According to Bybit’s CEO Ben Zhou, about 401,346 ETH was commandeered from one of their cold wallets and funneled into a warm wallet, which is accessible online.

This incident marks a grim milestone, making it the largest cryptocurrency theft ever recorded, surpassing even significant prior breaches in the crypto space.

Security experts confirmed that this breach has eclipsed previous record thefts, including those of the Ronin Network and Poly Network, both of which suffered substantial losses in the hundreds of millions.

Zhou stated that Bybit remains financially stable and has the means to cover the loss, reflecting on the company’s strong asset base.

Throughout last year, the crypto industry faced rampant hacking, with an estimated $2.2 billion stolen by cybercriminals. This latest heist showcases the ongoing vulnerabilities within the digital currency landscape.

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